Word: wheated
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Pileup of Problems. Sheer disgust was Onganía's motive. From the moment Illia took over, his philosophy had been to sit quietly back and let the land of beef and wheat run itself. The only place it ran was downhill. Prices, wages, national debt and unemployment soared, and Illia's one really concrete action-cancellation of all foreign oil contracts-proved a disaster. Argentina, which has been almost self-sufficient in oil, must now import $100 million worth annually...
...been drifting sidewise, another exchange has been moving at a furious pace. At Chicago's Board of Trade, biggest and busiest commodity market in the world, pit brokers have perspired through two weeks of record business. On one day, they traded an alltime-high 270 million bushels of wheat, corn, oats, rye and soybeans-an amount almost three times greater than last year's average. Twice the market's opening had to be delayed an hour in order to catch up on paper work, something that had never happened before in the board's 118-year...
Commodities trading is more intricate than stock trading and a lot more hazardous for the unwary. Ranged on the steps of seven pits on Chicago's trading floor, the brokers transact orders for Kansas wheat, Illinois soybeans, or other crops that have not yet been harvested and in some cases not even planted. Sales of such futures are made with hand signals-palm up and in when a broker is buying, or up and out when he is selling. Fingers are held horizontally and manipulated to indicate prices offered or asked. Each contract represents 5,000 bushels...
...hold a contract and when to sell. Prices rise sharply on good news, fall in a matter of minutes on bad news, and gyrate with changes in weather forecasts. Last week's action was generated largely by reports of reduced grain surpluses and the Soviet purchase of Canadian wheat. Two weeks ago, Vice President Humphrey caused a 3% jump in soybean futures by revealing in a speech to farm editors that the soybean surplus this fall will be only 32 million bushels, or a two-week reserve, rather than the 48 million bushels that the Government had previously estimated...
...again in 1965. Russia turned to the West last week to replenish its perilously low stock of grain. The Soviets swallowed their pride and contracted to pay Canada $744 million cash for 336 million bushels of wheat over the next three years. With that and its recent deal to sell 250 mil lion bushels to Red China, wheat-rich Canada has committed to the Commu nist countries practically all its remaining grain surplus until...